Japan Economic Indicators: Investor Reference

Who publishes Japan's economic data?

The Statistics Bureau of the Ministry of Internal Affairs and Communications publishes the monthly CPI and Labour Force Survey. The Cabinet Office's Economic and Social Research Institute publishes quarterly GDP as preliminary and second preliminary estimates. The Ministry of Economy, Trade and Industry publishes monthly industrial production as a preliminary report followed by a revised report. The Ministry of Finance publishes monthly trade statistics, with provisional first 10 day and 20 day releases. The Bank of Japan publishes the quarterly Tankan and sets monetary policy.

Japan indicators at a glance

Indicator	What it measures	Published by	Frequency
BOJ Policy Rate	the Bank of Japan's target for the uncollateralised overnight call rate	Bank of Japan	Irregular
Japan Core CPI	consumer price inflation in Japan excluding fresh food	Statistics Bureau of Japan	Monthly
Japan CPI	consumer price inflation in Japan	Statistics Bureau of Japan	Monthly
Japan GDP	the inflation-adjusted output of the Japanese economy	Cabinet Office of Japan	Quarterly
Japan Industrial Production	the volume of industrial output in Japan	Ministry of Economy, Trade and Industry	Monthly
Japan Jobs-to-Applicants Ratio	the number of job openings per job seeker in Japan	Japan Ministry of Health, Labour and Welfare	Monthly
Japan Retail Sales	the value of retail sales at Japanese stores	Ministry of Economy, Trade and Industry	Monthly
Japan Trade Balance	the gap between Japan's merchandise exports and imports	Ministry of Finance of Japan	Monthly
Japan Unemployment	the share of Japan's labour force without work and seeking it	Statistics Bureau of Japan	Monthly
Tankan Survey	business sentiment among large Japanese manufacturers	Bank of Japan	Quarterly

Each row comes from the same source file as the indicator page it links, so the publisher and frequency here match that page.

How does Japan's central bank set policy?

The Bank of Japan conducts monetary policy through its Policy Board at Monetary Policy Meetings, held eight times a year for two days each. Under the Bank of Japan Act, policy aims at price stability, and since January 2013 the Bank has set a price stability target of 2 percent in terms of the year-on-year rate of change in the consumer price index. At each meeting it sets a guideline for money market operations, expressed as a level for the uncollateralized overnight call rate, and releases its decisions immediately after the meeting. The Governor holds regular press conferences to explain them.

What is different about Japan's data?

• The Statistics Bureau publishes three headline CPI lines: all items, all items less fresh food (the measure the Bank of Japan cites, often called core CPI) and all items less fresh food and energy. They differ, so check which one a quoted figure uses. The Ku-area of Tokyo preliminary CPI is released at the end of the month it covers, about three weeks before the national figure.
• The CPI moved to a 2025 base with the release published in August 2026. The 2025-base index is published from January 2025 retroactively and earlier years are linked, but published rates of change are not recalculated from the linked index. The 2020-base CPI will also be calculated and released until December 2026, so two versions can circulate.
• Cabinet Office GDP arrives as a preliminary estimate and then a second preliminary estimate. Seasonal adjustment is re-estimated with every release, so the whole seasonally adjusted history from 1994 is revised each time, and source-statistic revisions can change recent quarters. Quarterly changes are also shown as annualized rates.
• The Tankan is a quarterly survey conducted in March, June, September and December and released at the beginning of April, July and October and in mid-December in principle. Its diffusion index is the percentage answering favorable minus the percentage answering unfavorable, so it shows direction of sentiment, not the size of output.
• The jobs-to-applicants ratio is published in several variants (for example excluding new school graduates and including part-timers, excluding both, or part-timers only), so confirm which one a quote refers to. The Labour Force Survey seasonally adjusted data are revised retroactively when the Statistics Bureau updates its RegARIMA models.

Which Japan releases should you read first?

Read the Ku-area of Tokyo CPI near month end for an early price signal, then the national CPI (all items less fresh food), which the Bank of Japan references. The Tankan each quarter shows business sentiment, quarterly GDP shows output, and the Labour Force Survey with the jobs-to-applicants ratio shows labour market tightness. The statement after each Monetary Policy Meeting explains how the Bank weighed them.

Frequently Asked Questions

When is the national CPI released in Japan?

The Statistics Bureau publishes the national CPI monthly, roughly three weeks after the month ends, on its published release schedule. The Ku-area of Tokyo preliminary CPI is published at the end of the month it covers, ahead of the national figure.

How often does the Bank of Japan hold monetary policy meetings?

The Bank of Japan holds Monetary Policy Meetings eight times a year, each lasting two days, and announces its decisions immediately after the meeting concerned. The Outlook Report dates fall in January, April, July and October.

What does the Tankan measure in Japan?

The Tankan is the Bank of Japan's quarterly survey of enterprises, conducted in March, June, September and December, giving a picture of business conditions. Its diffusion index is the percentage answering favorable minus the percentage answering unfavorable.

References

• Bank of Japan: Outline of Monetary Policy
• Bank of Japan: Monetary Policy Meetings
• Bank of Japan: Explanation of the Short-Term Economic Survey of Enterprises in Japan (Tankan)
• Statistics Bureau of Japan: Consumer Price Index: Schedule of Release
• Statistics Bureau of Japan: Consumer Price Index: Main points of the 2025-base revision